The Sensex and Nifty closed lower in trade today on global stocks reeling under the effects of US-China tariff war. Rupee falling to a 19-month low due to high crude oil prices also affected sentiments. While the Sensex closed 272 points or 0.77% lower at 35,217, Nifty fell 98 points to 10,671.
ICICI Bank (3.16%), L&T (2.71%) and Tata Motors (2.22%) were the top Sensex losers.
HDFC Bank (0.89%), Coal India (0.74%) and TCS (0.38%) were the top Sensex gainers.
Market breadth was negative with 490 stocks closing higher against 2190 ending in the red on BSE.
BSE Midcap and small cap indices fell 235 points and 325 points to 15,425 and 15,970 levels, respectively.
Oil and gas and capital goods stocks were the major losers on the BSE. The BSE oil and gas index fell 540 points to 13,633 level. The capital goods index fell 414 points to 17,094 level.
All 19 BSE sectoral indexes except the IT index closed in the red.
IT stocks bucked the trend as rupee fell to its 19-month low today.
Rupee slipped to its weakest in more than 18 months, hit by higher oil prices and trade war concerns that could spark another bout of capital outflows for Asia's third-largest economy.
The rupee fell to 68.68 to the dollar, its lowest since November 29, 2016, making it a 0.62 percent decline so far in the day from its previous close of 68.25.
Oil prices rose on Wednesday on a supply disruption in Canada, falling US crude stocks, uncertainty over Libyan exports and after US officials told importers to stop buying Iranian crude from November.
Brent crude was up 30 cents a barrel at $76.61 by 0800 GMT. US light crude CLc1 was 25 cents higher at $70.78.
A supply outage at Syncrude in Canada has locked in 350,000 barrels per day (bpd) of crude, with repairs expected to last at least through July.
The fall in Canadian exports has helped drain supplies of heavy crude across North America and contributed to a major draw in US crude oil inventories, analysts say.
Global markets were lower on Wednesday, with Chinese stocks leading the declines as jitters over trade conflicts between the world's largest economies lingered. Oil prices extended their gains as the US pushed other countries to cut oil imports from Iran.
Britain's FTSE 100 fell 0.3 percent in early trading to 7,516.46 while Germany's DAX slipped 0.8 percent to 12,138.17. France's CAC 40 was down 0.6 percent at 5,250.34.
Chinese stocks were the biggest losers, with the Shanghai Composite Index sinking 1.1 percent to 2,813.18. The index is the worst performer among major markets this year, losing 14 percent since the start of this year. Hong Kong's Hang Seng tumbled 1.8 percent to 28,356.26. Japan's Nikkei 225 fell 0.3 percent to 22,271.77 and South Korea's Kospi dropped 0.4 percent to 2,342.03. Australia's S&P-ASX 200 edged down less than 0.1 percent to 6,195.90. Stocks in Taiwan, Singapore and other Southeast Asian markets were mostly lower.